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Cut Hundreds in Hidden Costs From Your House Payments In Two Easy Steps

Your home value has tanked but your house payments are higher than ever? Sound familiar? If you are having trouble bridging the gap between what your home is worth and what you are paying each month there are some easy steps you can take to cut the hidden costs and substantially reduce your house payments -  Without talking to your lender.

For most homeowners, monthly house payments are more than just the mortgage. In fact, the bulk of what you pay each month to live in your home goes to insurance, property taxes and interest. The first two are priced by your homeís value which has gone down by an average 25 percent nationwide. If you live in one of the hardest hit areas your home's values have plummeted by as much as 42%. So why hasn't your house payment fallen too? Because these costs are buried inside your mortgage payment and the people you pay arenít going to tell you that you are paying more than you should. Unless you ask!

 

Hidden Cost Number One

When you bought your home one of the many pages of documents your lender required you to sign was for insurance. If youíre like most homeowners, you probably never gave it another thought unless you needed to file a claim. It was something you wanted anyway and you trusted the bank to choose the right carrier. But insurance is a large and hidden part of the house payment youíre now struggling to pay. In todayís economy you may be paying 40% more than you should for insurance your lender required. An updated policy based on the current value of your home could shave hundreds of dollars off your monthly house payment. If you havenít compared your homeownerís policy since the housing decline, youíre in for a pleasant surprise. Cutting this hidden cost is easy - Just compare home insurance quotes.

Hidden Cost Number Two

Your homeís value soared during the housing boom and right along with it the taxes you pay to municipal and county entities went through the roof. Now that the bubble has burst you may still be paying taxes on what your home was worth at the pinnacle of the housing boom. Normally, appraisals from county assessors are quite accurate however they are often out of step with the latest data on neighborhood home values. In other words in todayís economy, you are being taxed on value that no longer exists. You can remedy this by filing a protest with the appraisal review board.

Protesting isnít as dramatic as it sounds. It involves going before a board comprised of fellow property owners. It isnít difficult, but you should be prepared to show why you believe your home is over valued. If you have taken the first step to cutting hidden costs in this article, you already have multiple independent appraisals from local insurance agents to show the board.

 Itís important also to determine if you are taking all the exemptions to which you are entitled. The most common exemption and one that is often missed is the homestead exemption but you may also qualify for handicapped, over 65, disabled veteran or a myriad of other exceptions provided by your stateís legislators. You can call your local tax appraisal district to inquire about exemptions that will lower your tax burden. Texas homeownerís will find phone numbers for the Central Appraisal District listed for your county at www.TXDILAR.com .

Itís hard to believe but many homeowners pay just pennies per year in property taxes and some with special exemptions pay nothing at all!. How much you save is determined by your own circumstances. If this sounds more complex than you want to deal with on your own, there are lawyers who specialize in real estate tax who can help you slash your tax Ė some will take these cases on a contingency basis and charge only a percentage of what you save. You can submit your case anonymously online in about two minutes and get multiple proposals from local lawyers within hours. Then you can decide if you want to accept one of the proposals or do it yourself.

 

This website is not affiliated with any government organization, party or program. News for Public Officials is dedicated to providing news, editorials and information that may help elected officials better serve the people who elect them. The information and notices contained on this website are intended as general research and information and are expressly not intended, and should not be regarded, as financial or legal advice. We attempt to ensure that the material contained on the web-site is accurate and complete at the date first published, however you should recognize that information contained on this web-site may become out of date over time.  Privacy policy

 

  

 

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